Land for Evergrande Shenzhen headquarters put up for auction

Land for Evergrande Shenzhen headquarters put up for auction

HONG KONG : A land plot in Shenzhen for building China Evergrande Group headquarters is put up for auction at a starting price of 7.5 billion yuan ($1.06 billion), a notice at the Shenzhen public resources exchange showed on Friday.

The sale of the 10,000 square meter (2.47 acres)land will be held between Nov 21 to 26, according to the notice, which says the construction at the site have been halted since September 2021.

Reeling under more than $300 billion in liabilities, Evergrande suspended many of its projects because it was unable to pay contractors and creditors. Many of its assets have also been put up for sale or taken over by creditors and local governments.

Evergrande bought the plot in 2017 for 5.6 billion yuan, local media reported.

Evergrande moved its headquarters from Guangzhou to rented space in Shenzhen in 2017, but moved back to Guangzhou late last year amid a debt crisis.

($1 = 7.1060 Chinese yuan renminbi)

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